I'm wondering if any of you have tried the "Debt into Wealth" course that is offered online by Greg Moore. He claims that he can have you debt free in 5-7 years, including your mortgage.
LaVon from Denver, CO
I would say that you can find the same information through books in the library and searching online for things that you need answers to.
It may be appealing to plunk down some money and think you are getting all the answers in one shot, but I think you will find that searching online, not only saves you money that can go toward your debt, but you will also learn at a pace that allows everything to sink in.
I think you will find that most "gurus" end up advocating the following steps in some fashion:
1. Stop using credit cards
2. Write down your debt, what you owe and what you bring in
3. Live below your means
4. Sell stuff to make extra money and help pay down debt
5. Get a second job if you have run out of things to sell.
6. Save money for emergancies
The gurus make the money on expanding these ideas, I believe you can find the information for free and in the end become your own guru.
I totally agree, there is so much information out there for little or no cost. At the very least, buy a book--you can get some very good ones $15 or less, which is lots cheaper than any course. And remember, you probably aren't going to pay off $100,000 in debt in 5 years if you only make $20,000 per year without getting more income. It may take a while to pay off debt, but you must remain vigilent and keep chipping away at it. Good luck.
I'm not familiar with his program but it seems a bit expensive. You can get great information by subscription much cheaper with Mary Hunt's website http://www.cheapskatemonthly.com/ or even her debt proof living books at your bookstore or online. She has several tools including a rapid debt reduction calculator program available on her website and lots of tips to teach you how to get and stay out of debt. By the grace of God and using her concepts in 3 years time, we eliminated a HUGE and I mean HUGE amount of credit card debt we had stupidly accumulated, paid off every other loan we had including two cars (one is a 1999 the other is a 2003, both bought brand new) and knocked off a large portion of our mortgage. That is our last and only debt right now and we should have it paid off in about 3 years. As we eliminated debt, we continued to make charitable contributions and to also save more money so that now we now both have IRAs and a sizable saving account for emergencies, where before we had nothing. When I lost my job due to Hurricane Katrina, we were financially able to deal with the loss of my income. Never thought 3 years ago I'd be able to say that or that we would be where we are now because we were so deeply in debt, but I tell you from experience that consumer debt is such a bondage. Once you are free of it, you are truly free and you will never want to go back.
Another "guru" you might want to look into is Dave Ramsey. He has several books. I think the big one is Total Money Makeover. He also has a website daveramsey.com and a radio show, which you can listen to from the website.
Something else-- probably the way your debt is turned into wealth is you are encouraged to make big payments to pay it off, then when the debt is paid off, keep making those same big payments to yourself into mutual funds or money market accounts.
I follow Dave Ramsey
He advocates making a budget and sticking to it
stop using credit cards
pay off debts largest to smallest
see un-used and unwanted stuff and/or get a 2nd job to get traction more quickly
COMMON SENSE Stuff in other words
NEVER spend money to save money
Change yor habits
I love his budget tool!
I have gotten rid of every charge card and am working on paying off the mortgage. There are other places (like Bankrate.com) which offer free software for paying off your bills but I haven't seen any that work as well as the DebtIntoWealth.com software. Well worth the price!
Hi, along with all the things FFL says, they will ask to save 10% of your income (pay yourself first).
Another interesting book is The wealthy Barber.
It absolutely works. My honey and I will be debt free in 2/1/08! No mortgage and I'm 38 years old. We're then going to save for a vehicle. This is wonderful! We are so happy and stress free. I highly recommend it to everyone.
I watched as his emails came in for two years while my debt grew. Then one day I ordered his course and have been doing it for about 8 months.
I have definately changed the way I think about spending money and when I start to fall back into old habits I just read the program again.
I highly recommend it.
Hi - Greg Moore's is the only financial program I ever spent money on, and it was the best investment I ever made. It got me moving on a plan (probably b/c I felt that since I paid $ for it I'd better use it!). While I continue to follow his basic principles still, his program was the jumpstart to get serious about educating myself financially and making the behavioural changes.
I continue to read financial books (pick them up from the library), including many of the ones listed by other people in this forum, and surf online for more information. I follow Cheapskate Monthly and Greg Moore's online site, and other relevant sites.
So, in a nutshell, from first enrolling in Greg Moore's program in 2005, and finally getting really serious about our family's financial plan in 2007, we will be debt-free (apart from the mortgage) by 2011 or sooner.
I don't think there's any one magic solution, but I think that each person will find the plan that works for him or her, and will continue to make adjustments on a regular basis as conditions change and as one continues to learn about financial matters.
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